They keep honest people honest, which is usually worth it.
In my experience, it is often easier to drill the lock rather than cut the pin, unless you have an angle grinder and do not have a drill with good bits.
I’m more impressed by anyone willing to take a picture with a phone in one hand and an engaged angle grinder in the other.
I find it easier to use a pipe to break off the lock end.
I imagine you lost the key but I’ve broken a few keys over the years and now put a drop of oil in my locks now. Also have a little rubber cap to keep the dust out which makes them hard to turn.
And this is basically inevitable. How old is the pin? My current pin is about 4 years old and still functioning, it’s been a good run.
I was using a locking pin up until my last trip when despite all my key turning it would not disengage the lock. I ended up pulling really hard and was able to get it off, looking like my locking pin might have been a bit bent but I couldn’t figure out how that would have stopped the lock from releasing the bearings. fortunately I had as spare non locking pin in my truck as I was still out on my trip.
I could have waited until I got home but at that point I really wasn’t sure if the pin was actually locked or not and would come off while driving. and I didn’t want to be driving around with my huge blue ox hitch sticking out of the back.
I spray all those little locks 1-2 times a year w/ a cleaner/ lubricant. The one I use is marketed for bicycles and it reduces friction inside locks so much that the locks feel broken because the key turns so easily.